Knowledge Bank has launched on-screen live banners to show brokers product changes in real-time as well as daily criteria updates amid the turmoil in the mortgage market.

The criteria search platform will send out daily emails every evening with a summary of changes on both criteria and products and live on-screen banners will also allow brokers to see product changes in real-time.

The move comes as 41% of mortgage products have been pulled since Chancellor Kwasi Kwarteng’s tax-cutting mini-Budget last Friday sparked volatility in the sterling funding market, according to Moneyfacts.

The platform says: “Some product sourcing systems and even lenders themselves have admitted they are struggling to keep up with the changes due to their manual update processes. 

“This inability to keep pace with the changes means that products which are no longer available and lenders who have temporarily paused accepting new business are still showing on the systems.

“This creates confusion and diminishes the broker-client relationship as decisions in principle are submitted for products that don’t exist and credit searches are undertaken with lenders who will no longer accept the client at this time.”

The platform says brokers who do not currently subscribe to its service can take out a no-obligation 30-day free trial of its system to benefit from the lending notifications. 

Knowledge Bank founder and chief executive Nicola Firth says: “We can see that both brokers and lenders needed help in communicating product and criteria changes to brokers and we are perfectly positioned in the advice process to be able to assist in these challenging times.

“With some of the product sourcing systems struggling to keep up with the pace of change, the notifications on our system puts brokers in the know at the point that they are placing the case.”